Revenue Memorandum Circular · RMC
RMC No. 56-2026 Digest
To circularize the full text of Republic Act No. 12316, which authorizes the President to suspend or reduce the excise tax on petroleum products by amending Section 148 of the National Internal Revenue Code of 1997, as amended.
- Document type
- RMC
- Number
- 56
- Year
- 2026
- Text quality
- Not specified
Document text
Reference copy · verify against the official sourceRMC No. 56-2026 (May 26, 2026) circularizes RA No. 12316, which amends Section 148 of the NIRC of 1997 to authorize the President to suspend or reduce — fully or partially — the excise tax on specific petroleum products as prevailing conditions warrant. Any suspension or reduction runs at most three months per instance and one calendar year in aggregate. Excise tax on fuel products reverts automatically to the Section 148 rates, without further legislative or executive action, upon whichever comes first of: one week after the DOE-certified one-month average Dubai crude price (MOPS) falls below USD 80 per barrel, or the lapse of three months. The President may exercise this power only until December 31, 2028.